Biotech, Devices, Heart Failure

Abiomed To Sell 2.4 Million Shares of Common Stock

Luke Timmerman 8/19/08

Abiomed, the Danvers, MA-based maker of devices to treat heart failure, said today it is offering 2.4 million shares of common stock. Morgan Stanley is the sole underwriter for the offering, which is being made through a shelf registration statement that became effective in Oct. 2006. Abiomed (NASDAQ: ABMD) has 33.7 million shares outstanding. The stock fell 3.7 percent to $18.20 at 12:18 pm Eastern time on the news of the increasing supply of shares.

Luke Timmerman is the National Biotechnology Editor for Xconomy. You can e-mail him at ltimmerman@xconomy.com, call 206-624-2374, or follow him on Twitter at http://twitter.com/ldtimmerman.